Egyptian Prime Minister: We are working to contain the negative repercussions of rising global oil prices

Cairo, July 16 (KUNA) -- Egyptian Prime Minister Dr. Mostafa Madbouli affirmed today, Thursday, that his government is working seriously to contain the negative repercussions of the global oil prices, which have risen again to $85 per barrel after falling to $72. The Egyptian Cabinet said in a statement that Madbouli clarified during his chairing of the weekly government meeting that “while some hastened to present an overly optimistic scenario regarding the end of the crisis, we also kept in mind the worst-case scenario, which involves a resumption of the conflict and its impact on energy supplies.” Madbouli pointed out during the meeting to developments in the region’s political landscape, including a renewed escalation of events amid continued high tensions between the warring parties, a notable development in regional conditions that has cast a shadow on difficult economic repercussions on oil supplies, with the resumption of the navigation and energy supply crisis. He added that Egypt had warned that this escalation and resorting to military solutions would lead to dangerous repercussions across various political and economic levels, leaving behind severe economic crises, and that there is no solution except resorting to diplomatic efforts and containing these tensions to calm regional conditions and achieve peace and security in the region. The Egyptian Prime Minister stressed the continuation of intensive diplomatic efforts in the hope of calming the situation and reaching a permanent agreement that ends this raging crisis in the near future. (End) A.S.M. / M.A.A.